Understanding the US Income Tax System!

Do you truly understand the Income tax basics? Some people think that a raise could cost you more in your income tax return than you actually end up paying. Today we talk tax waterfall on this personal finance YT short!

This example is about federal income tax, not state income taxes.

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*Disclaimer: Bob is not a financial advisor. Please contact a professional financial advisor prior to making any decisions. Some of the links and other products that appear on this video are from companies in which Bob Sharpe earns an affiliate commission or referral bonus. Bob Sharpe is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

[BobSharpe]

What personal finance tips do you want to hear about next?

[Johnnykgb-nsa]

Now, if we only still had any cooperations and industry still paying " American" taxes, instead of " Chinese" taxes, we'd be in pretty good shape.

[soulseeker]

Except they don't tax you like that in your check that's how they figure what they owe you back.. I make no where near even 20k a year and 20% comes out of every check. And NO I don't have it set up that way. That is normal single 0 dependants taxes taken.

[maxrip]

Income tax not levied upon US citizen who earns domestic source income. It only applies to US sourced income belonging to a foreign person or US citizens earning foreign sourced income.
Withholding agent definition 26 USC 1441. Any person in custody and control of foreign persons US sourced income